Half a mind
Half of my mind wants to welcome this cloudy storage idea, because I grew up in the days of dumb terminals and central mainframes and it all makes sense.
But it doesn't.
The other half of my mind says "Do you mind? that's my data. I'll be having the holding of that."
The biggest missing part of this is the internet connection. If I want to listen to Beethoven's 9th, as recorded by Leonard Bernstein after the fall of the Berlin Wall, that's around 830MB. Sat at home on my hard disk, it costs me nothing to stream 830MB. The original CD cost me £6.
Now, if I am fool enough to put it on the cloud, I will have to pay for 830MB of download every time I want to listen to it. That will be £1.08 on BT's broadband package, or £4.96 on 3's payg cellular data service. Every time I want to listen to it.
This cloudy thing might be convenient for people who don't care about data privacy, but it makes no sense until the internet is completely free.